A consortium led by Macquarie Bank has paid a record $3300 per square metre of land for a development site opposite Albert Park Lake.
The 70 Queens Road site is expected to make way for luxury apartments in a complex similar to nearby Lucient at 430 St Kilda Rd – which the same owner is constructing with Lustig & Moar.
Its lakeside property was purchased with a permit for a 10-level apartment tower.
An existing double-storey red brick building mansion, split into six apartments, will be razed.
Jones Lang LaSalle’s Damien Steele confirmed the Queens Rd sale when contacted.
The site spreads 2,323 sqm.
The sale price is speculated at $7.7 million.
Entry level Lucient apartments started at $2.2m.
St Kilda Rd runs parallel to Queens.
Other prestige projects under construction in the area include Balencea at 454 St Kilda Rd and Grosvenor (55 Queens Rd, at the corner of Beatrice Street).
Stockland recently announced plans for to replace part of the Royal Victorian Institute for the Blind site at 517 St Kilda Rd with a residential project.
In October, Pan Urban sold a penthouse at 401 St Kilda Rd for $8.59m.
Four weeks later, Ubertas banked $10m from a dwelling at 505 St Kilda Rd – the site of one of St Kilda Road’s earliest major offices.